SOLUTION: The question asks how long will it take money to double if it is invested into an account that earns 7.5% compounded daily? I just want to know how you would figure that out?

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Question 602921: The question asks how long will it take money to double if it is invested into an account that earns 7.5% compounded daily?
I just want to know how you would figure that out?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

how long will it take money to double if it is invested into an account that earns 7.5% compounded daily? 

Using the compound Interest Formula: A = P%281%2Br%2Fm%29%5Emt+   

 A/P = 2 = %281%2B.075%2F365%29%5E%28365t%29

 ln2 =  365tln(1+.075/365) 

 ln2 /365 = tln(1+.075/365)= .0002t

 .0019/.0002 = t 

 t = 9.495 yrs